El Paso Economic Indicators

Employment in El Paso contracted in August and the unemployment rate ticked up. Single-family housing permits continued to fall, while trade volumes continued to trend upward.

Labor market

Employment falls

Payroll employment in El Paso decreased an annualized 0.7 percent (-630 jobs) from May through August (Chart 1). The largest declines were in professional and business services (-480 jobs) and financial activities (-320 jobs). The only sector that exhibited solid growth was trade, transportation and utilities (360 jobs). Year to date, payroll employment in El Paso has been little changed.

Unemployment ticks up

El Paso’s unemployment rate ticked up in August to 4.5 percent from 4.2 percent in July (Chart 2). El Paso’s jobless rate is now above that of both the nation and the state.

Housing

The three-month moving average of single-family housing permits fell further in El Paso in August (Chart 3). Single-family housing permits were down 6.5 percent compared to August 2024. Meanwhile, permits were down 6.0 percent in Texas over the same period.

Trade

El Paso’s economy is highly dependent on international trade. Imports through El Paso continued to trend upward, with the three-month moving average of imports increasing to an annualized $110.3 billion in July from $108.1 billion in June (Chart 4). Meanwhile, exports remained relatively flat, registering an annualized $61.2 billion in July. Total trade volumes have continued to trend higher this year, up 16.1 percent since the end of last year.